In 2022, global sales of electric vehicles amounted to 10.2 million units. According to a study by Counterpoint, sales in the fourth quarter of 2022 were 53% higher compared to the same period last year. According to the Global Passenger Electric Vehicle Model Sales Tracker report, the vast majority of sales are from Chinese brands, we’re just talking wholesale.
According to Counterpoint statistics, pure battery electric vehicles accounted for 72% of all sales last quarter, while externally charging hybrids accounted for 28%. Hybrids without external charging and electric vehicles with gas-powered fuel cells are not included in the statistics.
The three largest producers are China, Germany and the United States. 10 automakers that produce EVs are known to be responsible for more than 39 brands of passenger cars, accounting for 72% of all EVs sold in the most recent quarter.
In terms of market dynamics, Counterpoint experts say that EV sales hit an all-time high in the fourth quarter of 2022 and would have grown to 11 million units by the end of the year had it not been for the outbreak of COVID-19 in China, affecting production and Sales affected and production chains interrupted.
Despite this, Chinese brands saw significant growth. In addition, in the past year many Chinese companies have started to expand into the markets of Europe, Asia and Latin America – they appear to be completely dominant in Southeast Asia and the South American continent. The main battle for customer loyalty is expected to take place in Europe.
Interestingly, the top 10 most popular models accounted for a third of all electrified vehicle sales in the fourth quarter. The absolute bestseller is the Tesla Model Y, followed by BYD’s song. In general, 7 of the quarter’s 10 hottest models are BYD and Wuling, mainly due to the rapid development of the Chinese market.
Counterpoint believes electric vehicles and plug-in hybrids are becoming mainstream faster than analysts expected. Around 17 million electrified vehicles are expected to be sold by the end of 2023. The market owes this in many ways to the advantages introduced at the level of some countries. In the US, for example, sales of such cars are likely to increase due to a $7,500 federal tax credit introduced, but prices could rise in China due to the end of the subsidy period. BYD already raised prices in January. However, this should not seriously affect one of the most mature markets for electric vehicles, especially since experts expect the price of lithium for traction batteries to fall in the second half of 2023.